A founder of collapsed hedge fund Peloton Partners is getting back in the game.

Geoff Grant, the chief investment officer of Peloton, will launch LiquidMacro in September, along with the rest of Peloton’s erstwhile Santa Barbara, Calif., office. Grant said he will join the group full-time when the liquidation of Peloton’s second fund is complete.

“Since the folding of Peloton in late February, I have been spending my time overseeing the orderly liquidation of the Peloton Multi-Strategy Fund and returning as much capital as possible to investors,” Grant told the Financial Times. “At the same time, I’ve known all the guys on the team I build for a long time. They want to stay with me and it would seem a shame not to give it our best shot to make that happen.”

None of Peloton’s London headquarters staff will join the new venture.

Peloton’s once-$2 billion ABS Fund was wiped out in February when its levered portfolio of mortgage-backed securities plummeted in value. After missing margin calls, banks began to seize the funds assets, and the fund was liquidated to pay off creditors. Investors were left with nothing.

Investors in the firm’s second fund, Multi-Strategy, were told to expect a loss of 57.6% on its dollar shares.

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